ACCT 201 Week 4
Description
1. What is the difference between a manufacturing business and a service business? Give an example of each. Discuss.
2. Is a restaurant a manufacturing business, a service business, or both? Explain and discuss.
3. Why are most large companies like Microsoft, Pepsi, Caterpillar, and AutoZone organized as corporations? Your thoughts and opinion? Discuss.
4. Who are normally included as the stakeholders of a business? Discuss.
5. Describe the difference between an account receivable and an account payable. Discuss.
6. A business had revenues of $280,000 and expenses of $315,000. Did the business incur a net loss or net income? Explain.
7. What proof is provided by a trial balance?
8. If the two totals of a trial balance are equal, does it mean there are no errors in the accounting records? Explain and discuss. 9. What is the difference between a slide and a transposition? Discuss.
10. What is the difference between an accrual and a deferral? Explain and discuss.
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